- SOL has broken its all-time highs several times in the past one month.
- Solana’s transaction processing efficiency is winning projects that would otherwise have gone to Ethereum.
- NFTs and DeFi segments give strong growth prospects.
Solana’s stratospheric rise continued on Friday, as SOL rose by 23% in 24 hours to go for $143.54 as of 06:50 GMT on Friday. SOL prices have certainly stolen the limelight from rival cryptos in recent weeks. The asset has risen by about 260% in the last 30 days and has gained 74% over the last seven days.
To put it in perspective, a single SOL coin was worth $34 on August 1st, but it has risen to $143 today, repeatedly setting new all-time highs in the process. With that move, Solana has effectively dislodged Dogecoin from the 7th position in cryptocurrency market capitalization ranking. Solana is now worth $41 billion.
What makes Solana tick?
Solana has gained popularity as a result of Ethereum’s high gas fees, which have persisted despite the network’s recent update. According to the cryptocurrency experts, the promising new crypto’s far faster transaction speeds and much lower transaction fees are getting more people to use its efficient network, and it is winning over many projects as a result.
According to the newest CoinShares report, Solana (SOL) has attracted the attention of institutional asset managers. According to the report, Solana had an influx of almost $3 million in investment money over the last week.
According to the report, Solana has an AUM of $15.7 million, surpassing Bitcoin Cash in the process.
NFT
Yesterday, Audius, a blockchain-based music streaming service, revealed that its implementation of Solana NFTs (Non-Fungible Tokens) is ready. With that development, it means that the platform now allows its six million customers access to Solana’s NFT collectibles. The NFT boom is far from slowing down, with its August figures at top NFT exchange, OpenSea hitting $3.5 billion.
With the launch of an exclusive interface with Phantom, Audius now allows its users to put their Solana NFTs on display.
The Audius app brings a new approach to the streaming music space, using a decentralized method that encourages users to host files and benefit from their services. Audius, like many other cryptocurrency projects in recent times, has integrated NFTs.
DeFi
Solana’s DeFi ecosystem has become quite diverse, with various successful dApps, and all of them have added significant value to the wider ecosystem, which already has hundreds of millions of dollars in it.
Solana, which has become well-known in the blockchain realm, is gaining popularity as one of the most promising projects. It currently has more than $3 billion worth of DeFi projects locked.
Technical analysis
SOLUSD is currently trading at 143.54. The price is above the 50 EMA, and as such, the bullish run is confirmed. If the bulls continue to be in control, SOL is likely to rise to $151.85, where it will encounter resistance.
Further gains could see it rise to the second resistance at $160.60. With its recent rise, however, SOL has registered an RSI of 88 as of the time of writing. This means that the asset is currently overbought. This could see the momentum cool off, with SOLUSD finding the first support at 110.86 and the second one at 96.56.
